You cannot holdover the gain on a non-business asset I'm afraid. If you make a gift of it to your children it will be a disposal for Capital Gains Tax purposes based on the open market value and a gift for Inheritance Tax purposes. You may be entitled to relief for any period that the property was your main home at any point and, if it was your main home and it was let, you may be entitled to letting relief. Take a look at HS283 and here for more information.

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